Should I Keep my current w2 job at $165k and my bookkeeping firm of $120k. Or Quit my w2 job to grow my business?

Title: To Stay or To Go: Navigating the Dilemma of Job Security vs. Entrepreneurial Growth

When faced with the tough decision between a lucrative W2 position and the potential of a growing business, many professionals find themselves at a crossroads. This is especially true for those like me, who have poured their energy into developing a business alongside a stable job. Currently, I’m juggling a fully remote job that yields an annual salary of $165,000 while simultaneously managing a Bookkeeping firm that has achieved $120,000 in revenue.

As my business celebrates its second anniversary, I’ve reached a monthly recurring revenue (MRR) of $10,000. While this is certainly a positive milestone, the reality is that my dual commitments are demanding. I often work around 50 hours a week, balancing the responsibilities of both my job and my business. The prospect of quitting my day job to focus solely on expanding my business has been a persistent thought in my mind. However, the anxiety of potentially sacrificing that $165,000 salary is daunting.

My ultimate goal is to transition fully into entrepreneurship by next year, but the stability of a corporate position entertains second thoughts. Many individuals have faced similar dilemmas—balancing the security of a steady paycheck with the desire to unleash their entrepreneurial spirit.

Have you ever dealt with a similar situation? How did you make the decision? What factors did you weigh, and what outcomes did you experience? I would love to hear your stories and insights, as I navigate this significant decision in my career journey.